Hydraulic gear pump sales continue to grow strong with the construction industry’s growth, sustained automobile sales, and adoption by mining industry operators. A recent Future Market Insights (FMI) study projects a steady growth outlook for the global hydraulic gear pumps market,hydraulic gear pump sales are estimated to reach US$ 1.89 Bn, with the market enjoying Y-o-Y growth of 3.4%. Forecasts are that the global hydraulic gear pumps market will reach a valuation of US$ 2.54 Bn by 2030, increasing at a CAGR of 3.7% (2022-2030).
Greater emphasis on upgrading existing pump models to enhance their energy efficiency quotient will mark an important trend in hydraulic gear pumps market. High manufacturing costs however remain a longstanding challenge limiting the rapid growth of hydraulic gear pumps market, says the FMI study.
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However, due to COVID-19 crisis, several production facilities are shuttered and workforce shortages prevail. This scenario is further complicated by undersupply of raw materials and supply chain disruptions. Moreover, direct impact of the halted progress of all end-use industries is negatively impacting the growth of hydraulic gear pumps market.
Key Takeaways of Hydraulic Gear Pumps Study
- External gear pumps will be the top selling category through 2030
- Sales remain concentrated in East Asia and Europe
- A third of total sales will be accounted by hydraulic gear pumps with an operating pressure of 150 – 250 towards the end of 2030
- End users are inclined towards specialist distributors that provide engineering expertise, aftersales services, and end-to-end solutions to meet specific demands of customers
Material handling equipment plays a vital role in lean supply chain management and it is gaining traction owing to the evolving outlook of transportation and logistics across the globe. Manufacturers of hydraulic gear pumps thus need to align their product offerings with the changing material handling equipment requisites.
Increasing Adoption in Agriculture and Forestry Equipment
Agriculture sector is also a significant end user shaping up the market for hydraulic gear pumps. The demand is expected to increase for the agricultural applications. A majority of manufacturers in the global hydraulic gear pumps market are following the trends of manufacturing and providing hydraulic gear pumps specifically for agricultural and farming equipment.
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Competitive Landscape Analysis
The hydraulic gear pumps market represents a fairly fragmented market structure, owing to the presence of a large number of hydraulic gear pump suppliers across the globe. Eaton Corporation, Parker-Hannifin Corporation, and Bucher Hydraulics GmbH remain some of the market leaders, operating with medium to high level global presence. Top 10 market participants in the hydraulic gear pumps landscape currently account for more than 30% revenue share and prefer to concentrate on strategic collaboration agreements with regional leaders in distribution space. New regional distributorships will enable them to gain a competitive advantage while introducing new offerings to newer regional markets.
Rampant expansion of the residential sector to cater to surging demand for urban housing spaces, especially across fast developing economies, is also supporting the growth of construction industry, and thereby pushing sales a broad range of construction equipment, including hydraulic gear pumps.
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Know More About the Report Coverage
The research report analyzes the total sales of Hydraulic Gear Pumps on the basis of volume (Th. units) and value (US$ Mn). The market is projected on the basis of factors such as Rising Construction Spending, Growth in Material Handling Equipment Industry, Increasing Automotive Production and Fleet Scenario, Swelling Demand for Oil & Gas, Consumption of Chemicals, COVID-19 Crisis Impact and Automation in Agricultural Activities. The scope of the research report includes the sales of Hydraulic Gear Pumps used in Construction Equipment, Mining Equipment, Automotive, Material Handling Equipment, Off Highway Vehicles, Processing Industry and Other Industrial Machinery and Equipment. As per our research scope, we have considered the External Gear Pumps and Internal Gear Pumps.
